Financial Statements, including Statement of Cash Flows Pendray Systems Corporation began operations on January 1, 2015, as an online retailer of computer software and hardware. The following financial statement data were taken from Pendray's records at the end of its first year of operations, December 31, 2015. Accounts payable $45,000 Accounts receivable Common stock Cash 247,500 567,000 ? Cash payments for operating activities 1,478,250 Cash receipts from operating activities 1,552,500 Cost of sales 978,750 Dividends Income tax expense Income taxes payable 67,500 119,250 18,000 Interest expense 4,500 Inventories 258,750 Note payable (due in ten years) 112,500 Property, plant, and equipment 596,250 Retained earnings ? Sales 1,800,000 180,000 Selling and administrative expenses Instructions: 1. Prepare an income statement for the year ended December 31, 2015. Pendray Systems Corporation Income Statement For the Year Ended December 31, 20Y5 Revenues: Expenses: Q Q